Best Crisis Businesses

Even though the world economic doesn`t fell that well, and many companies go bankrupt, there are a couple of business industries that are still goign very well and some companies that bring their owners big profits.

So, i tried to put up a list for domains that are doing well even though we are in an economic crisis.

1. Collection agencies
Because many companies fell back with their payments, the creditors hire collection agencies to recover the money for them. This business is very profitable right now. But, I have to give you some advice, if you start your collector business now, hire experience personel in this domain so your company could extend more rapidly.

2. Management company
With all the businesses beeing in trouble, a management business with experience people could help businesses that are in dificulty move on and come back on it`s feet.

3. Repairing businesses
Because people don`t have so much money to spend on new stuff, they prefer to repair their broken stuff rather than replaicing them. An example for repairing or service business: computer service, auto service, shoe repairing.

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5 mistakes that managers frequently do

1. They don’t have well defined purposes – As a manager you will always have to have clear objectives. If you, a manager, don’t have a purpose in the company, how would you expect your employees to have one?

2. You are not organized - If you are not organized, you will lose important documents, you will lose client data and won’t find what you need in time

3. You are too conservative - Try to think out of the box, try to bring innovation in the company.

4. You don’t assume responsibility for your mistakes - When things are not going as you wanted to, it’s easier to blame someone else for your mistakes, but a true lieder always takes responsibility for his actions.

5. You don’t know how to assign jobs – You have to be efficient and assign the right jobs to the right people that would do the their work in as little time as possible.

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10 ways to save your business from bankruptcy - Part 2

This is a continuation of my post 10 ways to save your business from bankruptcy


6. Don`t ignore your competitors mistakes - usually in business publication you can only read about successful entrepreneurs and successful businesses, nobody writes about bankrupt businesses because that kind of business doesn`t sell the paper. Try to get in touch with business owners that got bankrupt and ask their advice, I know it is hard to do that but try it; it will help you a lot.


7. Having lots of clients – I know that sound normal, but think of those companies that have exclusive contract with just one client. In the beginning they will think that is going to be easy dealing with just one client, especially if it is a long term contract. But what if your “big” client decides to end the contract because you are not doing your job right? What would you do then?


8. Always get the experts opinion – Most times business people avoid asking business advices from certified companies, because they say it is a waste of money. But trust me a good certified opinion may save you a lot of money, even after you pay the experts fee.


9. Keep in touch with the latest technologies that go around your business – you will lose many clients and most important your competitors will go in front of you if you use the same old products or services.


10. Be careful when you launch new products – if you launch on the market new products that need a lot of recourses from your company make sure that you have studied that market very well and taking in consideration the risks. If the product is not a success your company may have lots of financial problems.

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Sudden problems in a company

They are very rare the cases when a company gets suddenly in a whole lot of trouble. Usually the sudden crash of some companies is not made by a problem, it is made by lots of smaller problems that managers should see, and take care, like:


- Staff fluctuation – employees work for your company only short periods of time
- Work related expenses rises but your cash-flow doesn`t
- Credit lines are always taken to a maximum and paying them is always done in the last moment
- Similar products appear on the market
- Your business only depends by one or two clients
- You argue with your partners more often than usual, regarding the direction of the company
- You don`t bring anything new



- Your clients pay you late

So, you should expect pretty hard times if some of the elements above are translated into your business. Good luck!!

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10 ways to save your business from bankruptcy - Part 1

A friend of mine, that wants to start his first business, asked me the other day what are the most important things to watch out in order to avoid bankruptcy within the first year. So I came out with 10 factors you should watch out when you start your own business.


1. Watch out about the small loses you have in your company - Over 50% of the companies discover that their balance sheet is not so good as they hoped because of loses that relate with their activity, like: employees that you don`t need or unused space and equipment.

2. Lack of interest for human resources - American scientists discover that the management is so busy to maintain the profitability of the company and they neglect the human resource department. A manager should always take care of his employees, if they are unhappy they wont work as well and the team relations will disappear.

3. Building your business with your family - Don`t get me wrong, it is good to have a family business, but watch out if you hire a family member that is no so good trained as an other candidate for the position, it will drag down your business. You should forget about feelings when you discuss business.

4. Keep your files in order - If you don`t keep them in order you can have problems with the IRS, and you may scare your future clients when they see you have lost their order.

5. Costs - Don`t forget about costs. For a successful business you should always keep your costs as lower as possible. You may find out that by reducing costs, your business may become more profitable.

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How do you make a business plan?

Making a business plan can be very difficult especially for someone who has little or no experience at all. You will find on the internet and a lot of books with a lot of models for business plans. You could make your own business plan, but it has to contain some part that is obligatory.


The structure

It is not a standard structure for all models, you should structure it according to the purpose of making it: for share holders, for the management, for getting finance. But all business plan should have the following parts:

The product / services, and what market it`s addressed to.

The competition - What technologies are they using, what is their market share, who are their clients

Clients and suppliers - Who are your suppliers (remember, you should always have more than one supplier because you should not depend on just one.), who are your clients.

Marketing - Market size, the segmentation of the market, who is your product address to.

Risks - You always take in consideration the risks and you should minimize them

Management - Who is the management of the company, what experience do they have

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The secrets of top managers

What makes you a good manager? Did you ever think of that? Is it something you were born with or something you learned in time? A recent study made by Gallup showed some interesting things. The study was made with 80.000 top managers from all around the world. The study has shown that they follow a certain pattern, even though they work in different parts of the world.


1) Top managers has to set the financial goal of the company but leaves the decision on how to reach those goals to the rest of the team

2) Top managers try to offer the employees new challenges. They try to make changes so people don’t get bored at the work place and as productive as they can.


3) The top manager has to understand each employee, to know what are they good at, and give them an assignment that matches their working profile.

In conclusion top managers have to understand people they work with and to stimulate them to reach their professional best at their work place.

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